Ghana gold exports have been temporarily suspended as part of a deliberate market strategy aimed at maximizing value from the country’s gold resources, Chief Executive Officer of the Ghana Gold Board (GoldBod), Sammy Gyamfi, has disclosed.
Speaking on JoyNews, Mr. Gyamfi said the decision to pause exports was not a sign of supply disruption or financial distress, but rather a calculated move to hold gold stocks until market conditions improve.
“We are temporarily not exporting gold… but the reason why is that this is not a good time to sell gold. This is a good time to stock up on gold.” - Sammy Gyamfi
His remarks suggest Ghana is taking a more tactical approach to commodity trading, choosing to preserve value rather than rush exports at a time of softening prices.
GoldBod says market timing is key
According to Mr. Gyamfi, the decision is rooted in trading logic rather than geopolitical constraints, even as some market watchers have linked the export pause to tensions affecting trade routes in the Middle East.
He dismissed that interpretation, insisting Ghana still has multiple export options available and is not boxed in by one destination market.
“This is a trading decision that we have taken to buy a lot and hold because we’ve done well.
"The Bank of Ghana does not have any liquidity issues in terms of FX… so we don’t have to rush and sell gold when market conditions are not good.” - Sammy Gyamfi
He added that while Dubai remains a major destination for Ghanaian gold, the country retains the flexibility to redirect shipments elsewhere if necessary.
“Even though I cannot ship gold to most of our off-takers today in Dubai… we could have shipped to India or to other countries… the agreements provide for the destination points to be varied.” - Sammy Gyamfi
Confidence in gold price rebound
The GoldBod CEO acknowledged that global gold prices have recently weakened after a strong rally earlier in the year, but expressed confidence that the decline would be short-lived.
“I’m not that worried because every student of the gold market will know that this is a blip… these are short-term slumps.
"I think that gold will bounce back, and it will bounce back very soon.” - Sammy Gyamfi
He attributed the current slowdown in demand to global investor behaviour, particularly a shift toward dollar-denominated assets amid higher interest rates in the United States.
“People are now favoring dollar-denominated assets over gold, and that is what has reduced the demand for gold,” he said.
Despite the recent market dip, Mr. Gyamfi argued that gold prices remain significantly stronger than historical averages, making the commodity still highly valuable.
“Even at $4,500… that is a lot of money. This is a commodity that in 2024 the average price was about $2,420 an ounce.” - Sammy Gyamfi
Broader push to maximize gold value
The temporary export halt forms part of a wider strategy by GoldBod to improve Ghana’s earnings from its mineral wealth and reduce the pressure to sell into unfavourable markets.
By stockpiling rather than offloading immediately, authorities appear to be positioning Ghana to benefit from an expected rebound in global prices while leveraging stronger reserves and foreign exchange stability.
For now, the message from GoldBod is clear: Ghana is not stepping back from the gold trade, but recalibrating its timing to extract greater value from one of its most important export commodities.
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